Saturday, June 19, 2021 7:00 AM EDT
The last two weeks were pretty bad for the Euro currency because the price has fallen down to low levels we have not seen since April 2020.
The price started the fall two weeks ago on June 9, 2021. when the daily bearish Pin bar formed.
Since then the price has tried to make its way up, but the candle two days after, a large bearish candle , was a sign that bulls have lost the game.
From then the price is making lower lows and in the last three days the price has fallen down over 200 pips.
The current scenario does not look good for buyers because the price has support only next to $1.17200.
From the current price it has 150 pips to fall down so I am expecting the price to make a retrace back to $1.19000 which is now resistance and then fall down to $1.17200.
$1.17000 is an area of support where weekly trend line and horizontal support are crossing so I am expecting that the price will stop there.
When it reaches that support level below we have $1.16180 level which is a larger support level which held the price in the past from falling further down.
As it looks now on a weekly time frame the $1.16180 level is very likely to be reached.
On the upper side we have first resistance at $1.19000 which must be broken and closed above on daily time frame. Then we have $1.20000 as a major resistance if the price wants to change sentiment from bearish to bullish.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
more
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained in this article, is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.
less
How did you like this article? Let us know so we can better customize your reading experience.
